Shares of India's Adani plunged as a scathing report by a U.S. short seller triggered a massive selloff in the conglomerate's listed firms, casting doubts on the company's record $2.45 billion secondary offering
7 Adani group firms lose total of $48 bln sinceBill Ackman says Hindenburg report "highly credible"plunged on Friday after a scathing report by a U.S. short seller triggered a selloff in the conglomerate's listed firms, casting doubts on the success of the company's record $2.45 billion secondary share sale.
"The news cycle in the past few days has clearly impacted the share sale and you can clearly see that in the subscription levels, especially the low retail participation," said Narendra Solanki, fundamental research head at domestic brokerage Anand Rathi. India's capital markets regulator is studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, two other sources said. Spokespersons for the regulator and Adani had no immediate comment.Adani Group dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm.
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